The global smart contract market is driven by an increase in the adoption of blockchain technology, an increase in demand for smart contracts in educational institutions, and an increase in demand for automation and digital transformation technology.
WILMINGTON, Del., Oct. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Contract Market by Type (Contact Payment, and Contactless Payment), and Application (Refuel, Carwash, Malls, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Smart Contract Market was valued at $192.7 million in 2022 and is estimated to reach $2.5 billion by 2032, exhibiting a CAGR of 29.6% from 2023 to 2032.
Smart contracts can be described as programs stored on a blockchain network that activate and execute when specific predefined conditions are met. These contracts are commonly employed to automate the enforcement of agreements, ensuring that all parties involved can instantly verify the outcome without relying on intermediaries or enduring delays. Additionally, smart contracts have the capability to automate workflows by initiating subsequent actions as soon as the predetermined conditions are fulfilled, streamlining processes and reducing the need for manual intervention.
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Prime determinants of growth
Increase in adoption of blockchain technology and increase in demand for smart contracts in educational institutions is boosting the growth of the global smart contracts market. In addition, the increase in demand for automation and digital transformation technology positively impacts the growth of the smart contracts market. However, lack of scalability and standardization and presence of legal and regulatory uncertainties is hampering the smart contracts market growth. On the contrary, increasing adoption of various applications in industries is expected to offer remunerative opportunities for expansion of the smart contracts market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $192.7 million |
Market Size in 2032 | $2.5 billion |
CAGR | 29.6 % |
No. of Pages in Report | 294 |
Segments covered | Contract Type, Platform, Enterprise Size, End User, and Region. |
Drivers | Increase in adoption of blockchain technology. Increase in demand for smart contracts in educational institutions. Increase in demand for automation and digital transformation technology |
Opportunities | Increase in adoption of various applications in industries |
Restraints | Lack of scalability and standardization Presence of legal and regulatory uncertainties |
Covid-19 Scenario
- The Smart Contract market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on contactless agreements. The reliance of customers and vendors on contactless modes to contain the spread of the virus is anticipated to provide opportunities for the market.
- Moreover, with the increased investment in blockchain technology businesses and governments seek to develop more secure and efficient systems for managing data and transactions.
The distributed enterprise size (DAO) segment maintains its leadership status throughout the forecast period.
Based on the contract type, the decentralized autonomous organizations (DAO) segment held the highest market share in 2022, accounting for around one-third of the global smart contract market revenue and is expected to rule the roost throughout the forecast timeframe. As it reduces the possibility of errors and interruptions in contract execution and enables DAO contracts to run continuously without human supervision. However, the distributed enterprise size (DApp) segment is projected to manifest the highest CAGR of 33.4% from 2023 to 2032, owing to an increase in the adoption of digital technology across various industries.
The Ethereum segment to maintain its leadership status throughout the forecast period
Based on platform, the Ethereum segment held the highest market share in 2022, accounting for nearly one-third of the global smart contract market revenue and is projected to retain its dominance during the forecast period. It offers an extremely flexible platform on which to build decentralized applications using the native solidity scripting language and Ethereum virtual machine. However, the NXT segment is projected to manifest the highest CAGR of 33.4% from 2023 to 2032. The growth of the segment is attributed to the scalability and interoperability provided by NXT.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global smart contract market revenue, owing to growing innovation and technological progression in this region. In addition, companies are paying attention to launching product platforms and forming partnerships to support their market position in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 33.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing mergers and acquisitions activities, and the growing adoption of digital platforms in this region.
Leading Market Players: -
- ScienceSoft USA Corporation,
- innowise group,
- IBM Corporation,
- Tata Consultancy Services,
- BlockCypher,
- Blockstream Corporation Inc.,
- Monax Industries Limited,
- BitPay, Inc.,
- Chain, Inc.,
- Coinbase,
The report provides a detailed analysis of these key players of the global smart contract market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart contracts market analysis from 2023 to 2032 to identify the prevailing smart contracts market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- In-depth analysis of the smart contracts market segmentation assists to determine the prevailing smart contracts market outlook.
- Major countries in each region are mapped according to their revenue contribution to the global smart contracts market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the smart contracts market players.
- The report includes the analysis of the regional as well as global smart contracts market trends, key players, market segments, application areas, and market growth strategies.
Smart Contracts Market Key Segments:
By Contract Type:
- Smart Legal Contract
- Decentralized Autonomous Organizations (DAO)
- Enterprise Size Logic Contracts (ALC)
- Distributed Enterprise Size (DApp)
By Platform:
- Ethereum
- Bitcoin
- Sidechains
- NXT
- Others
By Enterprise Size:
- Large Enterprise
- Small and Medium-sized Enterprises
By End User:
- BFSI
- Retail
- Healthcare
- Real Estate
- Logistics
- Others
By Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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